IRVINE, Calif., May 31, 2013 /PRNewswire/ -- CoreLogic ® (NYSE: CLGX), a leading residential property information, analytics and business services provider, today released its 2013 CoreLogic Storm Surge Report featuring updated estimations on both the number and value of single-family homes exposed to hurricane-driven storm-surge damage within the United States. According to this year's analysis, more than 4.2 million homes along the U.S. Atlantic and Gulf coasts are located within storm-surge risk zones, totaling more than $1.1 trillion in property exposure.
The CoreLogic Storm Surge Report, issued annually, provides a breakdown of residential property risk along the Atlantic and Gulf coasts at five key geographic levels – national, regional, state, metro and ZIP code. The 2013 findings reflect a significant increase in both the number of total properties at risk, as well as total value. This year's report features an enhanced methodology using CoreLogic Automated Valuation Model (AVM) data that improves the accuracy of the analysis. New this year, the report also provides an estimation of the potential increase in risk based on theoretical future rises in sea level.
"Public awareness of the risk hurricane-driven storm surge poses to coastal homeowners has never been higher coming off the heels of Hurricane Sandy last fall," said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. "Sandy was a harsh reminder of the potential destruction associated with storm-surge flooding, and of just how many communities are vulnerable to that risk, in areas typically assumed to be relatively safe from hurricanes along the northeastern Atlantic shoreline."In fact, also this year, the Federal Emergency Management Agency (FEMA) released preliminary revised flood maps that increase the scope of designated flood zone areas in several New York City suburbs to include 35,000 additional homes and businesses not previously identified as existing within a flood zone. CoreLogic publishes the annual Storm Surge Report to enhance understanding of the additional risk hurricane-driven storm surge poses to homes located in areas prone to tropical storms. Storm surge is triggered primarily by the high winds and low pressure associated with hurricanes, which cause water to amass inside a storm as it moves across the ocean before releasing as a powerful rush overland when the hurricane moves onshore. In addition to the property damage and potential lives lost to flooding, the speed and force associated with storm-surge waves can significantly increase geographic and economic impact in hurricane disaster areas.